Balaji on Cryptocurrency in India
Mumbai: if India allows for the use of the existing public digital platforms, including APIs and Aadhaar, it can lippage the United States and China as the global leader on decentralized finance according to concept reports prepared by Balaji Srinivasa, former CTO of the world’s major crypto-base, and the IndiStack creator, Ispirt, Bengali-based think tank.
Balaji and an Ispirt expert team in a pair of “accompanying articles” published on Saturday argued that cryptography could solve the risk of overseeing such transactions by adding crypto, while also opening India up trillions of investment and giving the smaller nations “soft power” to develop crypto-solution solutions.
“India could champion an aligned movement, a Decentralised Movement, where countries were economically aligned behind decentralised crypto protocols like Bitcoin and Ethereum that all of them benefit from but none of them control,” Balaji, who is also a former general partner at VC firm Andreessen Horowitz, said.
“The NationStack concept is a long-term vision for India to help every country gradually replace services managed by American and Chinese corporations with locally-operated tech platforms and national digital currencies,” Balaji said, referring to a concept presentation published by the Indian Software Products Industry Round Table (Ispirt) on Saturday.
IndiStack on Cryptocurrency in India being Liked with UPI
In a separate blog post, Ispirt credited with IndiStack—a uniform software platform that allows Indian governments and businesses to access the railways Aadhaar, Digi-locker, and UPI—said that IndiaStack’s public crypto rail can help to bridge the Indian small-scale financing gap by helping small businesses and start-ups access a new form of guaranteed capital.
“Indian startups could benefit from crypto crowdfunding, Indian SMEs could access global Defi lending pools, and Indian students might even be funded with the emerging concept of personal tokens, like an equity-based version of microfinance,” the Ispirt note said, adding that the Indian government must give “serious considerations” to Balaji’s ideas.
“Balaji’s proposals have technical and social support from the very class of investors we would seek to attract. At least insofar as they relate to the issue of plugging the SME financing gap, we believe they deserve serious consideration by policymakers in India,” the Ispirt blog said.
Infosys Chairman thoughts on Cryptocurrency in India
Many prominent cryptocurrency and technological experts, most notably former Infosys chairman and Nandan Nilekani, the Indian Architect of the Aadhaar Project, used social media to endorse the Indian Crypto National Concept. Interestingly, this is happening at a time when India is about to ban cryptocurrencies for retail traders including bitcoin.
The 2021 Official Digital Currency Bill on the Cryptocurrency & Regulation is based upon a Parliamentary Committee recommendation, headed by former Secretary of Finance Subash Garg.
It is expected that the bill will not simply criminalize commerce, but also hold cryptocurrency assets to the dismay of the nascent industry cryptocurrency in India, which has been driving a Bitcoin bull rally in recent months.
India takes a leaf out of China, and as an alternative to paper money develops its digital coin supported by sovereign reserves. The possibility has been studied by an internal RBI committee.
“This is a vision of national software stacks and neutral crypto protocols. Put another way, by adding both a digital rupee and cryptocurrency support to IndiaStack, the country would (a) run a permissioned ledger for domestic transactions via the digital rupee and (b) use decentralised ledgers for international affairs,” according to Balaji.
“That would give India the best of both worlds: a domestic digital currency fully controlled by the Reserve Bank of India (RBI), and international.
BuyUcoin Thoughts on Cryptocurrency in India integration with AADHAR
Also, with an internal discussion with BuyUcoin Team on the same topic, ShivamThakral said
“We at BuyUcoin really looking forward to seeing the Cryptocurrency market becoming mainstream and available as an investment for Indian Economy, use of multiple technologies integrating with UPI & AADHAR will not only give birth to financial freedom and security but also an open path for new developers and entrepreneurs to innovate and Create (Make in India). Balaji Srinivasan and Nandan Nilekani has remained on the forefront to help India become a global leader in the crypto industry “
Blockchain Developers in BuyUcoin, Ashwin Singh Parihar, presented his thought while the debate was on,
“Blockchain technology is very diversified when comes to integration and innovating new financial independence for Users. Such an opportunity will bring new tasks, and Government Projects to participate and boost Indian Tech Position in the global market.”
Where these two were solid and positive on the outcome of the UPI and AADHAR integration with Cryptocurrency, Shreyasth Singh (Support Engineer) said,
“Such integration is still future, as the government first needs to regulate and provide protocols for such integration for the long run.”
source: The Economic Times